New Report Cuts Ultra Luxury Condo Surge in Half
Reports stating 2015 will see 6,500 new super-lux condos may be a bit exaggerated, reports Crain’s NY. Halstead Property Development Marketing released a new report saying nearly half of those units are already claimed, leaving just 3,500 units to actually hit the market this year. This is good news for developers, as the shortened supply will mean sky-high prices. Estimates put 52% of new condo listings at a $2,757 per SF average, a 25% jump from last year’s $2,215 per SF price. And at that rate, half the new apartments will be at or above the $5M mark for the first time ever. We’re going to have to dig through a lot of couches for this one.